Cordiant profits up 15%

Published on March 11, 1999.

Cordiant Communications Group, London, posted strong financial results in its first full year as an independent group since its demerger from Saatchi & Saatchi. Operating profit, excluding equity income, was up 15% at constant exchange rates to $43 million. Group revenue increased 5% at constant exchange rates to $501 million. Cordiant--including ad agency networks Bates Worldwide and Germany-based Scholz & Friends--said net new wins more than doubled to $580 million in 1998 for majority-owned units. The group, which is sometimes criticized for a lack of multinational accounts, reported its percentage of multinational business increased from 30% to 33% of group revenue.